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EU grouping set for financial transaction tax

February 20. 2013 3:07AM
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(AP) The Irish finance minister says several European Union nations are set to go ahead with the introduction of a financial transaction tax.

Michael Noonan said Tuesday before a meeting of EU finance ministers in Brussels that 11 of the bloc's 27 nations are expected to get the green light for further steps leading to the tax's introduction.

Germany, France and nine other nations initially hoped the tax would be adopted by the whole EU but several countries including Britain refused to go along.

The EU Commission has suggested that trades in bonds and shares be taxed at 0.1 percent, trades in derivatives at 0.01 percent.

Last year's deadlock over the tax opened the possibility under EU law for a group of more than nine nations to go ahead separately.

Associated Press

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